Zapata Corporation Reports Record Results
Zapata Corporation, Houston, Texas, has reported that operating performance for the three months ended December 31, 1973 was the best in company history by a substantial margin. Net income for the quarter was $8,009,000, an increase of 81 percent over the $4,420,000 for the year-earlier period, despite an increase in effective tax rate from 11 percent for last year's quarter to 40 percent this year. Earnings per common and common equivalent share were $1.83 for the quarter, an increase of 132 percent from the 79 cents a year ago, while fully diluted earnings per share were $1.46 and 70 cents, respectively. Revenues for the fiscal 1974 quarter were $66,916,000, compared to $39,780,000.
William H. Flynn, Zapata chairman and chief executive officer, said that, as indicated in Zapata's annual report, management estimates of 1974 earnings will be updated at the end of each forthcoming quarter.
Zapata Corporation (NYSE) provides diversified natural resource services and products around the world. Its activities presently include contract drilling and supply vessel services for offshore operators, petroleum exploration, copper and coal mining, menhaden and tuna fishing, agricultural development, and building, general and marine construction.